Shearn Delamore & Co, Wong & Partners and Mourant Ozannes have advised parties in a Malaysian consortium on its 400-million-pound ($623 million) purchase of London's iconic Battersea Power Station, which is expected to be redeveloped into homes, offices and shops.
Shearn Delamore advised SP Setia Berhad, the leader of the consortium, and Wong & Partners advised Sime Darby Berhad. Employees' Provident Fund Board was the other party in the consortium, which was incorporated in Jersey, Channel Islands, for the purpose of purchasing the site. Offshore Mourant Ozannes has also advised the consortium.
The 15-hectare site is home to the iconic brick power station with four white chimneys which dominates the south bank of the Thames, said Reuters. It is crumbling, but is covered by a protection order. As a result, it will have to be restored and redeveloped as part of the building plan. The regeneration of this site is regarded as one of the city’s most important and high-profile projects, with the auction process to acquire the site being highly contested.
Partner Brian Chia, assisted by associate Sue Wan Wong, led the team of Wong & Partners, the Malaysian member firm of Baker & McKenzie. "We are privileged to be part of this high-profile transaction, particularly when this marks Sime Darby's first venture into the European property market and provides an opportunity to regenerate the iconic site of Battersea Power Station. We take pride in our ability to continue to support Sime Darby in their increasingly global ventures," said Chia in a statement.
The consortium recently announced that the site will be worth eight billion pounds after 15 years of building work, Reuters added.
Ranajit Dam is Southeast Asia Editor at ALB. Follow us on Twitter: @ALB_Magazine.
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